The Fund is presenting the following net asset value and financial highlights related to investment performance for a Share outstanding for the Years Ended December 31, 2016, 2015 and 2014. An individual investor’s return and ratios may vary based on the timing of capital transactions.

Net asset value per Share is the net asset value of the Fund divided by the number of outstanding Shares at the date of each respective period presented.

Years Ended December 31,

2016

2015

2014

Net Asset Value

Net asset value per Share, beginning of period

$

13.35

$

18.40

$

25.61

Net realized and change in unrealized gain (loss) on United States

Treasury Obligations and Commodity Futures Contracts

2.57

(4.90

)

(7.00

)

Net investment income (loss) (a)

(0.09

)

(0.15

)

(0.21

)

Net income (loss)

2.48

(5.05

)

(7.21

)

Net asset value per Share, end of period

$

15.83

$

13.35

$

18.40

Market value per Share, beginning of period

$

13.37

(b)

$

18.45

(b)

$

25.66

Market value per Share, end of period

$

15.84

(b)

$

13.37

(b)

$

18.45

Ratio to average Net Assets

Net investment income (loss)

(0.60

)%

(0.88

)%

(0.84

)%

Expenses, after waivers

0.89

%

0.90

%

0.88

%

Expenses, prior to waivers

0.89

%

0.90

%

0.88

%

Total Return, at net asset value (c)

18.58

%

(27.45

)%

(28.15

)%

Total Return, at market value (c)

18.47

%

(27.53

)%

(28.10

)%

(a)

Based on average shares outstanding.

(b)

The mean between the last bid and ask prices.

(c)

Total Return, at net asset value is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption of Shares on the last day of the period. Total Return, at net asset value includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total Return, at market value is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and redemption of Shares at the market value on the last day of the period. Not annualized for periods less than one year, if applicable.

The above information was disclosed in a filing to the SEC. To see the filing, click here.